Shaw out at DBJ
AFTER LESS than two years, M. Anthony Shaw is out at the Development Bank of Jamaica, DBJ, a departure that comes in the wake of an investigation launched by the state agency l ast year over ‘governance’ of the institution.
His lawyer said a confidential agreement had been reached.
Shaw was appointed as DBJ’s managing director on April 1, 2022, to replace Milverton Reynolds who retired.
The chartered accountant with decades of experience in executive management, banking and financial services, demitted office effective December 31, 2023, with more than 15 months left on his three-year contract. There was no notice of his exit except for a terse announcement that did not come through the normal channels.
“The DBJ and its Managing Director Anthony Shaw have agreed that he would demit office effective the 31st day of December 2023. The DBJ wishes to thank Mr Shaw for his service to the DBJ and Mr Shaw in turn expresses his gratitude to the DBJ for giving him the opportunity of working with it,” the unsigned notice dated January 17, 2024 read.
Reports last October indicated that the Paul ‘PB’ Scott-chaired development bank had requested that Shaw proceed on leave as it investigates “a breach of governance” at the institution.
David Wan is now acting as DBJ’s managing director but various attempts to reach him were unsuccessful.
However, Shaw’s lawyer, Douglas Leys, told the Financial Gleaner that the parties had arrived at a settlement.
“The parties have agreed, so they have come to some accommodation and he’s moving and DBJ is moving on,” Leys said while declining to comment on earlier reports of possible legal action.
“Everything is wrapped up in the agreement which I know is confidential,” the lawyer said.
DBJ Chairman Scott also did not respond to requests for comment.